Unbound Group — Platform launch on time

Unbound Group (AIM: UBG)

Last close As at 20/05/2024


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Research: Consumer

Unbound Group — Platform launch on time

Unbound Group’s update is encouraging with respect to current trading (since April 2022). Significantly, the launch of the curated multi-brand platform, which seeks to capitalise on the strengths of and customer loyalty to its core footwear offering and expand its addressable market, is confirmed as on time with an attractive blend of new partners. The share price has been very weak amid the recent widespread derating of online retailers, leading to an attractive prospective FY23e P/E multiple of 7.8x.

Russell Pointon

Written by

Russell Pointon

Director of Content, Consumer and Media


Unbound Group

Platform launch on time

Trading update


1 July 2022



Market cap


Net debt (£m) at 31 July 2021


Shares in issue


Free float




Primary exchange


Secondary exchange


Share price performance

Business description

Unbound Group is the parent company for a group selling a range of brands focused on the over-55 demographic. It will build on the foundation of its main business, Hotter Shoes, to grow value through a curated multi-brand retail platform with a range of complementary products and services.


Russell Pointon

+44 (0)20 3077 5700

Richard Finch

+44 (0)20 3077 5700

Unbound Group is a research client of Edison Investment Research Limited

Unbound Group’s update is encouraging with respect to current trading (since April 2022). Significantly, the launch of the curated multi-brand platform, which seeks to capitalise on the strengths of and customer loyalty to its core footwear offering and expand its addressable market, is confirmed as on time with an attractive blend of new partners. The share price has been very weak amid the recent widespread derating of online retailers, leading to an attractive prospective FY23e P/E multiple of 7.8x.

Year end

Revenue (£m)









































Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Following the trading update in May, which indicated strong momentum in Q123, management has highlighted trading since April is in line with its expectations. This is reassuring given the deteriorating macroeconomic newsflow.

As expected, the multi-brand platform will launch on 28 July 2022 with a gradual onboarding of 14 new partner brands through October. The partner brands include nine in apparel – Rohan (outdoor clothing), Asquith of London (ethical activewear), Boody (eco multi-sex clothing), Scandinavian female brands Noa Noa, Part Two and Kaffe, Soaked in Luxury (female brand), Cream (Scandinavian boho brand) and Lakeland Leather (leather accessories) – and five in footwear (Birkenstock, Muck Boots, Geox, Sketchers and Hush Puppies). We believe the products offered will be complementary to those of Hotter Shoes and will not consist of the brands’ full product range.

The FY22 accounts for Beaconsfield Footwear, namely the main trading business of Hotter Shoes, have been finalised and are being filed with Companies House. The FY22 accounts for Unbound Group, which have been prepared on an investment trust basis, have been finalised and are being filed with Companies House. As part of Unbound Group’s interim results announcement for H123, due in autumn 2022, the unaudited, restated consolidated results of the group as a holding company will be delivered.

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